Developments at DAIM
During September we struck our first deal with another RIA, Tally Capital Management, who is a registered investment adviser out of Utah. Now they will have the ability to offer digital assets through DAIM’s platform. This is a great way for DAIM to reach more investors and we will continue to pursue more of these partnerships. In last month’s letter I wrote that I would be vocal in the industry and I did so by writing “Why Wait For Tether” which can be found on DAIM’s media page. It was a call-to-action piece aim at improving the industry. The first positive step was taken by the exchange Digifinex delisting Tether pairs.
Digital Asset Space
September began with BTC at $7000 and closed $6600. Two of Bitcoin’s biggest successes are its dual-solutions for the double-spend and Byzantine General problems. Double spend ensures that a single user cannot issue the same Bitcoin to two separate recipients and solving the Byzantine General problem means that the network could continue to function even if some nodes go offline or work against the network. On the 17th bitcoin developers solved a bug that exposed some vulnerabilities. The strength of the network in this situation shows that the best in class professionals are working on Bitcoin and are fully dedicated to securing it’s growth.This month there were announcements from the largest broker dealers saying that they would soon be releasing digital asset products. I believe most of those will be in the form of derivatives and not directly tied to the underlying digital asset. A lobbying group was formed called Blockchain Association and it includes Coinbase, Circle, Protocol Labs, Digital Currency Group (Barry Silbert), and Polychain Capital. NYU becomes the first US college to offer a major in cryptocurrencies.
A study finds that Bitcoin is more scarce than originally thought resulting in 9 million currently available of the 17 million mined, citing that 36% of the bitcoins in circulation are lost. It has been quiet in the space and I foresee that continuing into October. Thus making it a good time to work while others are sleeping. Develop a plan now in order to be ready to invest when the time is right. Our measure of success is how many people tell their friends about us. Thank you to our valued clients for helping us to grow.
*This is not investment advice. Please contact us before investing [email protected]
Digital Asset Investment Management is a licensed Registered Investment Adviser specializing in Bitcoin for 401k's, IRA's and Traditional Brokerage accounts. Learn more at www.daim.io